China's economy beats outlook, grows 6.9% in Q2

Rai Favela |Lunes, Julio 17, 2017

China's economy beats outlook, grows 6.9% in Q2

China'scoal production rose 10.6 percent to 308 million tonnes in June from a year ago, data showed on Monday, as miners ramped up output to meet a pick-up in demand during the hot summer months, data from the National Statistics Bureau showed.

Another aspect of concern for President Donald Trump is the fact that steel output hit a record high 73.23 million tons in June, the NSB said, while aluminium production rose 7.4% from the same period past year to 2.93 million tons.

The main Asian stock indexes fell on the data, before recovering to close the day at new highs. On a seasonally adjusted basis, the economy expanded by 1.7 percent quarter on quarter, compared with 1.3 percent in the previous quarter.

Thus, China managed to exceed its target of 6.5 percent growth, set by the government for 2017.

The International Monetary Fund has forecast China's full-year growth for 2017 to hold steady at last year's level of 6.7% due to strong government spending.

According to market analysts, the world's second largest economy may witness weaker growth in second half of the year as policy measures may lead to rise in housing prices and a rapid build-up in debt instruments. In the first half, retail sales advanced 10.4%.

China's economy lost momentum in the second quarter, a survey shows, as Beijing's efforts to curb risky lending and investment took a toll on the Asian powerhouse.

The improving economy is no doubt welcome news ahead of an autumn congress of the ruling Communist Party of China, at which President Xi Jinping is widely expected to tighten his grip on power, with leadership keen to ensure a smooth run-up to the meetings.

The factory output rose 7.6% in the month of June compared to a year earlier, recording the fastest growth in the past three months, whereas fixed-asset investment increased 8.6% in the first half of this year.

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